Wal-Mart Adds Auto Insurance
Retail giant Wal-Mart is expanding its reach into the financial services arena by offering auto insurance.
In an alliance with AutoInsurance.com, the Bentonville, Ark.-based company said, consumers will be able to compare policy prices of several insurance companies. Among the carriers participating on the website are Travelers, Progressive and Esurance, a division of Allstate.
Customers who log onto Wal-Mart's website will be able to access the AutoInsurance.com site, according to the company. They can choose to purchase the policy online immediately, speak with a licensed agent or save their information and make the purchase later. Wal-Mart said there is no cost or commitment to use the service.
The launch of the new service stems from a pilot that took place in Pennsylvania in 2013 in which customers who purchased policies from AutoInsurance.com reported they reduced their annual insurance costs by $1,168 on average, Wal-Mart said.
AutoInsurance.com will be available in Arkansas, Louisiana, Oklahoma, Missouri, Mississippi, Pennsylvania, Tennessee and Texas, with plans to expand the website to the rest of the country over the next few months, according to Wal-Mart.
“Our business is driven by a commitment to taking products and services that are complex and pricey and making them easy and affordable,” Daniel Eckert, senior vice president of services for Wal-Mart U.S., said in a statement.